Need Help?
Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Hodge Life consent to lease
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Will Hodge Life activate a right to put a loading on my interest rate on a residential mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let products'?
- Hello, I have a mortgage on a flat with Hodge Life and I am contemplating the idea of leasing the property out. Could this be done without transferring my mortgage or receiving consent to let from Hodge Life?
- Can you please tell me what Hodge Life charge for consent to let out a room in my garden flat? Any advice would be appreciated.
- I moved out of my apartment about seven months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in 2 months and I am thinking about refinancing anyway. I want to ask for the letter now, is that going to be a problem?
- Should I decide to apply for consent to let from Hodge Life how long does it take to get consent to let after you apply to Hodge Life. ?
- I am already renting out my flat but may have sussed that I am not living there. I have 5 months left on my fixed rate. Is it simple to get consent to let from Hodge Life. Is it just a five minute phone call, pay the fee and that's it?
- Just wanted to know what needs to be provided to Hodge Life in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another property with my boyfriend.
- Soon to remortgage my property but I will potentially moving out in the near future and would be looking to let it out. What would I need to do to get consent to let from Hodge Life?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Hodge Life consent to let Info
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Hodge Life is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed